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FINANCIAL NEWS
Inflation up in Kuwait
13 Aug 2011
(MENAFN) Kuwait’s Central Statistics office said that due to a drop in food prices, in June, the country’s annual inflation reached 5 percent, recording the slowest pace in ten months, reported Arab News.
The office added that last month, consumer prices in the country rose 0.2 percent on a monthly basis, compared with a 0.3 percent increase in May, where inflation grew 5.4 percent from 2010’s same period, on the other hand, in June, food costs slipped by 0.6 percent from May.
It also said that in the month, transport prices went up 1 percent month-on-month after being unchanged for three consecutive months, moreover, the country said that it would spend around USD5 billion on cash grants and free food rations.
It is worth noting that the country’s Parliament approved a USD71 billion state budget in June, for the 2011- 2012 fiscal year, recording the biggest budget since 2003.
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